day trading "discouraged" by a day trading service

This is a discussion on day trading "discouraged" by a day trading service within the General Trading Chat forums, part of the Reception category; Hi all, Several weeks ago I started to use a simulator of http://dastrader.com for day trading. This is a direct ...

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Old Oct 12, 2017, 9:53am   #1
 
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day trading "discouraged" by a day trading service

Hi all,

Several weeks ago I started to use a simulator of http://dastrader.com for day trading.

This is a direct access with the servers in the Nasdaq, with real time data which guarantees instant executions, ( and comes with a price, higher than other services ) so it is definitely for day trading, right?
Apparently not.. the support of DAS, a guy name Matt, keeps stating that ONLY 12 hours charts shall be used for trading, while the 5' or 1' are a waste of time.
My first question was... aren't 12h charts for swing trades? And would one need real time data for swing tades of several days?

To me, the power of DAS, or any other direct access service, lays on the fact that you can place instant trades in an out, based on a precise price and timestamp on a given minute. BUT, if I have to use 12h charts and do slow trades of hours / days , then I don't understand why would I need a NASDAQ direct access... he answered that 12h are for day trading but he didn't explain why, how... anyone?

After that he stopped answering and kept saying that I have to watch all these videos in order to understand price action , and how to place S/R which are the solely worth indicators for day trading. But these videos relate to forex.

Can we really treat stocks as forex when it comes to price action? because stocks have an uptrend bias, I find it really hard to find securities that have the same patterns as forex.
IMO stocks don't move like forex, for example a currency exchange moves in monthly up/down channels while stocks are generally uptrend, or downtrend, with some corrections, but it's hard to find stocks that move in a horizontal channel pattern on 12h charts.
Plus, you can't just pick up any stock just because it has the right 12h pattern for S/R, there has to be enough liquidity and low bid/ask spread...

so..

How to screen stocks with patterns where it is easy to identify S/R over 12h charts?

How to use level2 quotes , liquidity, volume, to pick a "hot" stock for day /swing trade?

any input is welcome,
cheers!
Alex
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Old Oct 12, 2017, 2:42pm   #2
 
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Originally Posted by cat3appr View Post
Hi all,

Several weeks ago I started to use a simulator of http://dastrader.com for day trading.

This is a direct access with the servers in the Nasdaq, with real time data which guarantees instant executions, ( and comes with a price, higher than other services ) so it is definitely for day trading, right?
Apparently not.. the support of DAS, a guy name Matt, keeps stating that ONLY 12 hours charts shall be used for trading, while the 5' or 1' are a waste of time.
My first question was... aren't 12h charts for swing trades? And would one need real time data for swing tades of several days?

To me, the power of DAS, or any other direct access service, lays on the fact that you can place instant trades in an out, based on a precise price and timestamp on a given minute. BUT, if I have to use 12h charts and do slow trades of hours / days , then I don't understand why would I need a NASDAQ direct access... he answered that 12h are for day trading but he didn't explain why, how... anyone?

After that he stopped answering and kept saying that I have to watch all these videos in order to understand price action , and how to place S/R which are the solely worth indicators for day trading. But these videos relate to forex.

Can we really treat stocks as forex when it comes to price action? because stocks have an uptrend bias, I find it really hard to find securities that have the same patterns as forex.
IMO stocks don't move like forex, for example a currency exchange moves in monthly up/down channels while stocks are generally uptrend, or downtrend, with some corrections, but it's hard to find stocks that move in a horizontal channel pattern on 12h charts.
Plus, you can't just pick up any stock just because it has the right 12h pattern for S/R, there has to be enough liquidity and low bid/ask spread...

so..

How to screen stocks with patterns where it is easy to identify S/R over 12h charts?

How to use level2 quotes , liquidity, volume, to pick a "hot" stock for day /swing trade?

any input is welcome,
cheers!
Alex
I have no experiences with the service, but my guess would be that he is trying to help you... day trading in my experience is a loosing proposition, and in real life you'll never get an instant fill like on a simulator... my advice is look into bigger time frames, because all those "hot keys" and so on for fast buy and sell fast moving stock do not work in real life and you just cannot compete with HFT shops...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Oct 12, 2017, 2:46pm   #3
 
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I have no experiences with the service, but my guess would be that he is trying to help you... day trading in my experience is a loosing proposition, and in real life you'll never get an instant fill like on a simulator... my advice is look into bigger time frames, because all those "hot keys" and so on for fast buy and sell fast moving stock do not work in real life and you just cannot compete with HFT shops...
Thanks for the contribution. Actually I didn't ask for an opinion on HFT, it does work, I have plenty of evidence, this is not my concern.

What i'd like to know is :

Can we assume that price action of stocks is like Fx?

How to screen stocks with patterns where it is easy to identify S/R over 12h charts?

How to use level2 quotes , liquidity, volume, to pick a "hot" stock for day /swing trade?
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Old Oct 12, 2017, 2:58pm   #4
 
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Originally Posted by cat3appr View Post
Thanks for the contribution. Actually I didn't ask for an opinion on HFT, it does work, I have plenty of evidence, this is not my concern.

What i'd like to know is :

Can we assume that price action of stocks is like Fx?

How to screen stocks with patterns where it is easy to identify S/R over 12h charts?

How to use level2 quotes , liquidity, volume, to pick a "hot" stock for day /swing trade?
I guess we agree to disagree, so good luck to you and please come back and report when you start day trading live...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Oct 12, 2017, 3:09pm   #5
 
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I guess we agree to disagree, so good luck to you and please come back and report when you start day trading live...
Will do thanks.
Out of curiosity, do you have any evidence, videos or anything, to back up your statement that trading on DAS simulator is not like trading on DAS live, or it's just your assumption?
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Old Oct 12, 2017, 4:06pm   #6
 
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Originally Posted by cat3appr View Post
Will do thanks.
Out of curiosity, do you have any evidence, videos or anything, to back up your statement that trading on DAS simulator is not like trading on DAS live, or it's just your assumption?
My evidence is called experience, but you'll find out yourself as soon as you start trading live, so just start small...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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Old Oct 12, 2017, 4:13pm   #7
 
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My evidence is called experience, but you'll find out yourself as soon as you start trading live, so just start small...
ahh ok
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Old Oct 12, 2017, 4:41pm   #8
 
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ahh ok
The problem with the video evidence you are seeking out is that there are lot of charlatans and gurus trading on a simulator and presenting like live trading, a lot of examples like Ross Cameron who was kicked out of DAS for that and the worst was Nonko Trading feeding the simulator to their clients, so if I were you, I would really really start small to see that trading on a simulator is completely different compared to trading live, especially if your strategy is scalping low float stocks for example...

Also interesting fact about the owner of DAS: Karen Gentile is married to Guy Gentile the owner of SpeedTrader.com and SureTrader.com, who is in a lot of trouble with the FBI, but so war she has been clean and not under investigation...

Anyhow, good luck and keep us posted...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

My number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
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